ASIC has released Consultation Paper 372 Guidance on insolvent trading safe harbour provisions: Update to RG 217 seeking feedback on our proposed updates to Regulatory Guide 217 Duty to prevent insolvent trading: Guide for directors (RG 217).
CP 372 is seeking feedback on ASICs proposed approach to:
- updating existing guidance to include information about when a holding company may be liable for debts incurred by a subsidiary when the subsidiary has continued to trade while insolvent,
- providing information and general guidance about the operation of the safe harbour provisions and the factors ASIC will consider when assessing whether safe harbour protection is available to a director, and
- providing guidance for directors about the…
Read the full article at: https://asic.gov.au/about-asic/news-centre/find-a-media-release/2023-releases/23-253mr-asic-consults-on-insolvent-trading-guidance/